Why Small Businesses are Hunting for Cyber Sharks
In the world of commercial insurance, a new term is surfacing: small‑fry syndrome. It’s the mindset that has turned the majority of companies into reluctant victims of cyber‑crime’s big‑mouths.
What the Numbers Are Saying
- Only 11% of businesses actually buy cyber protection.
- In a recent survey, 22% of respondents feel they’re “low‑risk” and can ignore insurance.
- That gap means over three‑quarters of organisations are left wide open to digital pirates.
We’re All In the Same Pond
Think of the internet as a giant goldfish bowl. Every business, no matter how small, floats in it. Their data, websites, social media profiles and the endless amounts of personal info online are all edible to cyber‑criminals.
Businesses often imagine they’re too tiny for attackers to bother. The reality? They’re not just “small fry”; they’re the very bait that worms worm their way into bigger, higher‑value targets.
Attacking Through the “Fish Tank”
Insurance specialist Roger Gaunt explains that a default or insecure IoT device is like an unlocked fishing hook. Once a hacker latches onto it, they can follow the trail into the whole connected ecosystem.
- One notorious breach started when a criminal exploited a simple connected device.
- From there, the hacker reached other “big fish”—larger companies, government bodies, etc.
- Small firms are often the first stop in this stepping‑stone strategy.
The Real Cost of Getting Bitten
Cyber‑enabled fraud is happening in 85% of cases. Once a breach occurs, attackers harvest information and use it for theft, fraud, or extortion.
A single data breach can cost smaller firms thousands in remediation, lead to pain‑staking GDPR penalties, and, in the worst case, shut them down entirely.
Shane the Wi‑Fi Hotspot Conundrum
Travel‑heavy teams, like salespeople and consultants, are especially vulnerable. When a tempting, unsecured Wi‑Fi hotspot pops up, they might connect, hoping to check email or social media. That simple act can let attackers sneak into connected devices.
What Can You Do?
Still swimming without insurance? Call Gauntlet at 0113 244 8686 and get a simple, jargon‑free walkthrough. They’ll help you understand which cyber‑security measures should be in place and why.
We’re all living in a digital sea full of sharks. It’s high time we put a net over our business fish tanks and protect ourselves from the inevitable bite.
